PEORIA — Most definitely, the Madison Theater is an oldie. But with some effort, one of its owners — among others — believes it still can be a goodie.

"I was in favor of razing this building," J.D. Comfort said Tuesday. "But now, after seeing what can be done with it ... I think it's worth saving. We're going to try our hardest to keep it that way."

As Comfort spoke, he stood in the unheated lobby of the motion-picture house/concert venue at 502 Main St. Opened in 1920 but closed for about a dozen years, it looked as if it was frozen in various times.

Comfort said the building is sound in structure. And in at least one quasi-expert's opinion, things inside didn't look too bad.

"Certainly the paint needs to be updated, and the heating and cooling as well," said U.S. Rep. Aaron Schock, who used to buy and sell old houses on the East Bluff. "But at the end of the day, it's a beautiful old structure. With the right business plan, it can be brought back to life."

Schock was among about a half-dozen people who toured the Madison, although media weren't permitted beyond the lobby. The Peoria Republican said it was the first time he'd been inside the building. His local office is located next door, at the federal courthouse.

"This one is near and dear to my heart," Schock said about the Madison.

The city and the Comfort family trust have received a pair of inquiries regarding Madison renovation and new construction on an adjacent, municipal-owned parking lot. Details might be forthcoming in the next few weeks, Assistant City Manager Chris Setti said.

Schock is a proponent of a federal tax credit applied to the cost of rehabilitating historic buildings. State and federal credits can combine to offset 45 percent of reconstruction costs, he said.

The federal credit expired Dec. 31, although Schock expects it to be on the congressional docket again this year.

"These tax credits are extremely important to see projects like this come to fruition," he said. "That's a huge, huge incentive."

Such an incentive might be critical for the city's Downtown rehabilitation efforts, according to Schock and Frank Butterfield, an official with Landmarks Illinois. The not-for-profit preservation group listed the Madison among its 10 most endangered historic places statewide for 2013.

"Theaters are often anchors for communities," Butterfield said. "A lot of street traffic and downtown activity is centered around them."

Peoria once had multiple such facilities Downtown, the long-gone Palace and Rialto theaters among them. The city's solicitation of inquiries about the Madison, which is listed on the National Register of Historic Places, stipulated they not include demolition.

Page 2 of 2 - With Comfort's change of heart, that requirement appears to be the consensus.

"The real question is, 'Does this building stay or go?'" Schock said. "I don't believe there is a question of whether or not this block will be redeveloped. I'm hopeful that rather than replace this structure that we'll refurbish it."